Sector Wrap: Technology, Energy, Financials
Thursday, March 11, 3:49 PM ET

Tech investors were abuzz as the highly anticipated announcement from Cisco (NASDAQ:CSCO) came across the wires on Tuesday morning. The company announced the release of its CR-3 Carrier Routing System which, in Cisco's words, would change the way businesses, consumers and the government utilize the internet. The new internet network routers have twelve times the capacity of their nearest competitor and can transmit 322 Terabits of information per second. Analysts expect the new technology to be implemented in about eighteen months and could alleviated the congestion caused by smartphone users.

On the week, the iShares Technology ETF (AMEX:IYW) is trading higher by 1.4% despite today's modest drop.

Investors heard plans from both Exxon Mobil (NYSE:XOM) and BP (NYSE:BP) this week to increase budgets for exploration and production. Exxon said it would spend about $27 billion in 2010 on capital projects, $1 billion more than in 2009, and said it plans to maintain these levels through 2014. And BP said it would be acquiring assets from Devon Energy (NYSE:DVN), paying $7 billion for exploration blocks in Brazil, the Gulf of Mexico and Azerbaijan. These moves come just in time as OPEC reported this week that it expects global oil demand to climb by 900,000 barrels per day in 2010, an increase of 100,000 from its prior estimate in February.

Energy shares were performing well this week, as the iShares Oil & Gas ETF (AMEX:IYE) was up one half of one percent despite today's weakness.

And the financial sector came to life this week on rumors that the SEC might ban short selling. Many have blamed short sellers for pushing the markets to the brink in 2008, and news that rules could be implemented have sent shares soaring in many notable names. Shares of Citigroup (NYSE:C), Fannie Mae (FNM), Freddie Mac (FRE) and AIG (NYSE:AIG) have all caught a bid this week as those that were short the stock have looked to cover their positions. The SEC has denied these rumors, but traders have largely ignored these comments.

On the week, the iShares Financial ETF (AMEX:IYG) has posted gains of 2.6% including today's gains.